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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

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    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

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    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

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    E-cedi will not affect MoMo business – Bank of Ghana

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    • Europe
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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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Ghana’s oil industry must avoid pitfalls Nigeria encountered to thrive – Extractives analyst

byBobbie Osei
November 26, 2020
in News, Top Stories
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A professor in environment and development at the University of Reading Chukwumerije Okereke has reiterated the need for managers of Ghana’s Oil and Gas resources to avoid making the same mistakes Nigeria has made with its vast oil resources.

The comment was made during a panel discussion on the plans of African governments’ on climate action, amidst oil and gas extraction, as part of the ongoing 6th Africa Oil Governance Summit (AOGS), which is being organized by the Africa Centre for Energy Policy (ACEP).

Aside from rampant bribery cases in oil related deals in Nigeria, Ghana has been advised repeatedly to ensure its laws and policies relating to the environment; extractive industry, allocation and management of oil resources are continually reviewed and updated to suit changing times and conditions.

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On the subject of the implication of Climate Change Action on Oil Governance in Africa, Professor Okereke, advised Managers of oil and gas resources across the continent, to collaborate with relevant stakeholders and also prioritize planning to ensure Africa is able to successfully transition from fossil fuel to relatively cleaner energy sources.

The ongoing 2-day Africa Oil Governance Summit (AOGS) seeks to make climate change response a key feature of oil governance in Africa, by taking a holistic view at the various concrete actions that African governments, climate financiers, the business community, and people living in Africa can take to enable Africa feature prominently in the green revolution.

About the Africa Oil Governance Summit (AOGS)

The Africa Oil Governance Summit (AOGS) is the flagship programme of the Africa Centre for Energy Policy (ACEP). Instituted in 2015, the AOGS is convened annually in Accra, the capital of Ghana. The main goal of the Summit is to shed light and address pertinent governance and development issues pertaining to the management and use of oil and gas resources across the African continent. The AOGS thus creates an avenue for, and brings together, stakeholders in the oil and gas industry across Africa and beyond to deliberate on efficient and effective approaches to engender sustainable and inclusive development through exploitation of Africa’s oil and gas resources.

Speakers, panellists, and participants are drawn from the public sector (government/state institutions), the private sector (local and foreign companies/businesses in the upstream and midstream petroleum sector), academia, Civil Society Organisations (CSOs), development agencies/partners, and local and international media. The Summit has, since 2015, recorded about 1,100 direct participants with a yearly average of about 250. This excludes virtual participants who are engaged through both the electronic and social media.

Objectives of the summit

The Summit seeks to make climate change response a key feature of oil governance in Africa by taking a holistic view at the various concrete actions that African governments, climate financiers, the business community, and people living in Africa can take to enable Africa feature prominently in the green revolution.

The specific objectives of the Summit are to,

  1. Support African governments to set climate action agenda for the oil and gas industry in anticipation of COP26
  2. Increase knowledge on climate finance options ahead of COP26 negotiations
  3. Explore how businesses can decarbonize their activities in upstream oil and gas industry and support Africa’s green revolution efforts
  4. Increase citizens’ knowledge about climate change to support climate action in and outside Africa’s oil and gas sector.

Key output

After the Summit, ACEP will collaborate with experts to, based on key points from the Summit, develop a policy document that outlines important areas of agreement on climate action in and outside the oil and gas industry, and implementation options, to aid African governments in their collective negotiations at COP26.

Key outcome

African governments, through their foreign Ministries, will be engaged to adopt the policy document and commit to include same in key areas of negotiations at COP26.

The document will also inform Ghana and other African countries in updating their Nationally Determined Contributions (NDCs).

Format of the Summit

There will be four panel sessions in two days:

  1. An expert panel to discuss government plans on climate action amidst oil and gas extraction.
  2. How does the state of climate finance expertise in Africa affect access to the Green Climate Fund?
  3. A business panel to discuss options available to oil and gas companies in decarbonizing their operations.
  4. An active citizenship panel to discuss the importance of, and avenues for, citizenry engagement on the climate discourse to advance responsible climate action and innovation in Africa. There will also be a presentation that discusses why Africa should care about climate change and the importance of citizenry engagement on the subject matter.

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Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
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